BURSA ANNOUNCEMENTS
OTHERS
MYCRON STEEL BERHAD ("MSB" OR "THE GROUP") - REVALUATION OF PROPERTY, PLANT AND EQUIPMENT
Date Published : 2024-08-29
MYCRON STEEL BERHAD
| Type | Announcement |
| Subject | OTHERS |
| Description | MYCRON STEEL BERHAD ("MSB" OR "THE GROUP") - REVALUATION OF PROPERTY, PLANT AND EQUIPMENT |
1. INTRODUCTION
Pursuant to Paragraph 9.19(46) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of MSB (“the Board”) wishes to announce that MSB had undertaken a revaluation exercise on the land, buildings, plant, machinery and electrical installation held by the Group. The Board had at its meeting held on 28 August 2024 approved the valuation reports and the incorporation of the revaluation surplus arising from the revaluation in the fourth quarter unaudited financial results of MSB for the financial year ended 30 June 2024.
2. PURPOSE
The revaluation was carried out in accordance with the Group’s accounting policy to determine the fair value of the Group’s property, plant and equipment comprising the land, building, plant, machinery and electrical installation periodically, with sufficient regularity.
3. REVALUATION SURPLUS
The details of the revaluation surplus are set out below:
NOTE
Land and building comprise of:
upward revaluation RM3,059,773 Revaluation surplus
upward revaluation RM1,065,288 Writeback of impairment to profit or loss
Plant, machinery & electrical installation comprise of:
downward revaluation (RM594,368) Revaluation deficit
downward revaluation (RM553,878) Charge to profit or loss as impairment
4. EFFECT ON NET ASSETS PER SHARE
Based on the fourth quarter unaudited financial results of MSB for the financial year ended 30 June 2024, the net assets value per share of MSB will be increased by RM0.006 to RM1.57 upon incorporation of the revaluation surplus, net of deferred tax, of RM1,873,707.
5. DOCUMENTS AVAILABLE FOR INSPECTION
The valuation reports of the property, plant and equipment are available for inspection at the Registered Office of MSB at Suite 11.05, 11th Floor, No.566, Jalan Ipoh, 51200 Kuala Lumpur during normal business hours from Monday to Friday (except for Public Holidays) for a period of three (3) months from the date of this announcement.
This announcement is dated 29 August 2024.